BROKAT and MeTechnology Plan to Merge
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BROKAT Infosystems AG, a provider of secure e-business solutions for the financial services industry and parent company of Atlanta-based BROKAT Infosystems, signed a merger agreement with MeTechnology AG, a provider of electronic banking and e-commerce solutions.
Under terms of the agreement, after a period of partnership, MeTechnology will be merged into BROKAT, including the integration of MeTechnology's Me/4 e-commerce solution with BROKAT's Twister e-services platform. Financial arrangements were not disclosed.
Both companies currently offer competing solutions to enable financial institutions and other businesses to connect their disparate backend systems with various electronic distribution channels, including the Internet, call centers, mobile phone networks, smart cards, and Web-enabled television. However, BROKAT's development efforts have targeted the productivity and connectivity of the platform, while MeTechnology focuses on the efficient development of applications and tools.
"The synergy between our companies' products and business strategies make this merger a win-win situation for both BROKAT and MeTechnology, as well as for our respective clients," said Stefan Rover, CEO of BROKAT. "In addition to enhancing our comprehensive product offering, the merger will firmly secure our market leadership of more than 90 percent in Germany and increase our current 40 percent market share in Europe, enabling us to concentrate on expanding our international presence, particularly in North America."